COMPILED CODE - Iowa Legislature - State of Iowa

398
§§ 5894-al6-5894-al8. CHATTEL LOANS. Tit. XXI, Ch. 1-A.
3 promise to pay, or security that does not state the actual amount of
4 the loan, the time for which it is made and the rate of interest charged,
5 nor shall he take any instrument in which blanks are left to be filled
6 after execution.
[39 G. A., ch. 35, § 15.]
SEC. 5894-al6. Assignments—exempt property.
1 No assignment of or order for the payment of any salary, wages,
2 commissions or other compensation for services, earned or to be
3 earned, given to secure any such loan shall be valid unless such loan is
4 contracted simultaneously with its execution; nor shall any such
5 assignment, or order, or any chattel mortgage or other lien on house-
6 hold furniture then in the possession and use of the borrower be valid
7 unless in writing signed and acknowledged in person by the borrower ;
8 nor, if the borrower is married, unless signed and acknowledged in
9 person by both husband and wife.
10 Under any such assignment or order for the payment of future
11 salary, wages, commissions, or other compensation for services, given
12 as security for a loan made under this chapter, a sum not exceeding ten
13 per centum of the borrower's salary, wages, commissions, or other
14 compensation for services, shall be collectible therefrom by the licensee
15 at the time of each payment of salary, wages, commissions, or other
16 compensation for services, from the time that a copy of such assign-
17 ment, verified by the oath of the licensee, or his agent, together with a
18 verified statement of the amount unpaid upon such loan, is served upon
19 the employer.
[39 G. A., ch. 35, § 16.]
SEC. 5894-al7. Illegal rate of interest—evasions.
1 No person, copartnership» or corporation, except as authorized by
2 this chapter shall, directly, or indirectly, charge, contract for, or
3 receive any interest, or consideration greater than eight per centum
4 per annum upon the loan, use, or forbearance of money, goods, or
5 things in action, or upon the loan, use, or sale of credit, of the amount,
6 or value of three hundred dollars or less.
7 The foregoing prohibition shall apply to any person who, as
8 security for any such loan, use or forbearance of money, goods or
9 things in action or for any such loan, use or sale of credit, makes a
10 pretended purchase «of property from any person and permits the
11 owner or pledgor to retain the possession thereof, or who, by any de-
12 vice or pretense of charging for his services, or otherwise, seeks to
13 obtain a greater compensation than is authorized by this chapter.
14 No loan for which a greater rate of interest or charge than is
15 allowed by this chapter has been contracted for or received, wherever
16 made, shall be enforced in this state, and any person in any wise parti-
17 cipating therein in this state shall be subject to the provisions of this
18 chapter.
[39 G. A., ch. 35, § 17.]
SEC. 5894-al8. Violations—penalty.
1 Any person, copartnership, or corporation and the several officers
2 and employees thereof who shall violate any of the provisions of sec-
3 tions fifty-eight hundred ninety-four-a one, fifty-eight hundred ninety-